Results for "lawsuits"

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J.P. Morgan, ex-broker move dispute over clients from court to Finra arbitration

April 13, 2018

J.P. Morgan Securities and a former broker the firm sued for soliciting his old clients have agreed to move their dispute to an arbitration panel at the Financial Industry Regulatory Authority Inc. On Tuesday, J.P. Morgan Securities filed a...

401(k) lawsuits being brought more aggressively against retirement plan advisers

April 17, 2018

Retirement plan advisers are increasingly being drawn into 401(k) lawsuits, as litigation creeps down market and plaintiffs' lawyers test out new legal theories to ensnare advisers, according to a panel of litigation experts speaking Monday...

Principal sued for stacking its TDFs with proprietary funds

April 19, 2018

Principal Financial Group has been sued for allegedly loading its target-date funds with costly and underperforming in-house investments, in the latest example of 401(k) participants targeting financial firms for purportedly enriching themselves...

What a court decision teaches 401(k) advisers about choosing stable-value funds

April 19, 2018

In order to reduce their risk of fiduciary liability, 401(k) plan sponsors often seek to offer an investment menu that satisfies the requirements of ERISA Section 404(c), which eliminates the risk associated with investment choices by plan participants....

FPA tries to calm waters made turbulent by New York chapter 'dysfunction'

April 5, 2018

The Financial Planning Association moved this week to allay any worries stemming from the ongoing tumult in its New York chapter, but a level of unrest has emerged elsewhere in the country in light of a fledgling FPA initiative that could ultimately...

JPMorgan accused of wrongful death by estate of star broker

April 3, 2018

The estate of a deceased broker filed a wrongful death lawsuit against JPMorgan Chase & Co., saying he took his life after becoming despondent because he was forced to retire. Michael A. Lorig suffered from depression and mental illness, and...

Morgan Stanley fights to keep fired-broker lawsuit private

April 2, 2018

Morgan Stanley is pulling out all the stops to prevent a wrongful termination suit filed by a former broker who authored a tell-all memoir from going to a public hearing. Lawyers for the wirehouse filed a second motion Friday to move the lawsuit,...

401(k) plan participants sue Home Depot over alleged fiduciary breaches

April 13, 2018

Two participants in Home Depot Inc.'s 401(k) plan have sued plan executives alleging that excessive fees and poor-performing investments represented a breach of their fiduciary duties under the Employee Retirement Income Security Act. The participants...

Judge dismisses parts of Yale 403(b) suit, lets others stand

April 4, 2018

A federal court judge in Hartford, Conn., has dismissed a few complaints in a lawsuit alleging ERISA violations in Yale University's 403(b) plan, while rejecting most of the university's petition that all complaints be thrown out. The split...

JPMorgan $8 billion loss to widow faces massive reduction

March 30, 2018

JPMorgan Chase & Co. will probably face a judgment of no more than $90 million in a lawsuit claiming mismanagement of an estate that initially brought a jury verdict of $8 billion in punitive damages. In September, a Dallas jury awarded excessive...

Gannett 401(k) participant sues over stock holdings in former parent company

March 26, 2018

A participant in the Gannett Co. Inc. 401(k) Savings Plan sued the company and plan executives, alleging they violated their fiduciary duties for holding too much stock in Gannett's former parent company in the 401(k) plan. "Defendants caused...

Fidelity sues former rep, Merrill Lynch for soliciting clients

March 5, 2018

Fidelity Brokerage Services has sued a former broker, Christopher Corcoran, and his new employer, Merrill Lynch, seeking to stop what Fidelity claims is Mr. Corcoran's "continuing violation of his employee agreements" and his and Merrill's "misappropriation...

Merrill Lynch tries to avoid arbitration in dozens of cases with former executives

March 5, 2018

Usually brokerages want disputes with customers and their employees heard in arbitration. But Merrill Lynch is trying to push dozens of pending arbitration cases into court, causing plaintiffs to cry foul. The cases involve about 60 former Merrill...

Lynn Tilton's Zohar funds file for bankruptcy

March 12, 2018

New York financier Lynn Tilton, who's been at the center of legal battles over three structured debt vehicles she used to finance distressed companies, put the funds into bankruptcy with plans to refinance debt or sell assets. Filings for Zohar...

Lawsuit over exchange-traded note shows peril in democratized investing

March 19, 2018

XIV, the now infamous exchange-traded note that imploded last month, is dead and buried. But its legacy lives on in the court system. Credit Suisse Group, which issued the derivative-based product, was sued this week by an investor accusing...

Galvin's DOL fiduciary rule enforcement triggers industry plea for court decision

February 20, 2018

Industry opponents of the Labor Department's fiduciary rule are using last week's Massachusetts enforcement action to try to speed up an appeals court decision in their lawsuit. The plaintiffs warned the Fifth Circuit Court of Appeals that the...

Securities class-action lawsuits set record in 2017, report finds

January 31, 2018

The number of federal securities class-action lawsuits filed in 2017 reached a record high for the second straight year, due to a sharp increase in suits targeting mergers and acquisitions, according to a report released Tuesday by Cornerstone...

Camardas: None of the 70,000 CFPs are entitled to their day in court

July 28, 2015

We think it paramount at this juncture to point out that this decision was not at all about the merits of our case or the fairness of the CFP Board's rules. The court decided the entire case by accepting the CFP Board's case law on voluntary...

CFP Board: Judge's ruling validates our rights to protect the public

July 28, 2015

The recent court ruling to dismiss the lawsuit filed against Certified Financial Planner Board of Standards Inc. by Jeffrey and Kimberly Camarda marks a significant victory for the CFP certification, CFP professionals and, most importantly,...

Supreme Court review of SEC judges could roil pending cases

January 16, 2018

A Supreme Court case on the Securities and Exchange Commission's use of internal judges could put into limbo more than 100 pending enforcement actions but may not end the agency's ability to adjudicate such matters on its home court. On Jan....

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